Chris wood

Registered with Property118.com
Monday 16th May 2016


Latest Comments

Total Number of Property118 Comments: 20

Chris wood

12:41 PM, 17th April 2020
About 8 months ago

Coventry make tenants homeless with new licensing scheme

As a landlord of a property in Coventry I was aware of the councils plans to bring the HMO licensing info effect. I was not happy with it becuase I see it as just another way of leaching money from Landlords.
However, I was due to attend a course in Coventry explaining more about HMO licensing to the many, like myself who have no experience. Because of the coronovirus the course was cancelled. So I am still pretty ignorant of what I need to do.
Yet the council have decided to proceed with the licensing scheme despite there will be little support. Not even a reasonable postponment of the scheme. I think this is disgusting way to treat landlords - If I put a step wrong because I cannot get any advice I may be subject to fines.

Chris Wood.... Read More

Chris wood

12:45 PM, 16th September 2019
About A year ago

Section 21 abolition stinks!

What I find curious (amongst other things) is that they have obviously bought or somehow obtained about 16 buckets in which to keep their collection of stools.
This is certainly disgusting, but in a way rather interesting from a psychological perspective. I don't know of any other mammal that collects their own shit.
And perhaps we should pass on stories and photos like this to the MP's who seem to think it's the Landlords who are the bad guys. The ridiculous thing is that if you served a section 21 on them and went to court, even if you showed the Judge these photos he could potentially refuse the section 21 if you were late with the Gas certificate !

Crazy world !

Chris W.... Read More

Chris wood

13:03 PM, 16th April 2017
About 4 years ago

Busting The Great Myth of House Price Growth

Interesting article. I agree and disagree !
To those of us who have had the benefit of having lived longer then we can look back at the amounts we paid for our first property. I have no
doubt that many of us will probably be keeping a watchful eye on our first property (if it still exists) and seeing what it would fetch on the open market today, even if we still own it or not. I can do this with some degree of accuracy as the first property I bought some 35 years ago recently came up for sale again.
It still looks pretty much the same as it did when I lived in it - no extensions or anything major. So it has been maintained and one can assume its not had any other 'added value' put on it.
I bought it for £16,000 back in 1981. I had saved up the deposit and I had a sales job giving me a basic income of £5000 per annum and some commission. I saved with the Halifax and when the house came up for sale I trotted off to ask for a mortgage, I think I had £1000 for the deposit. Could not get a mortgage as the maximum they would lend at that time was 2.5 times income. That would be on my basic salary and they would not make any allowance for commission as it was not 'guaranteed'. So on that basis they would only give me a mortgage of £12.500. A shortfall on the £15 000 I needed. The Halifax manager could see I was bitterly disappointed and quietly slipped me a business card of a private financial advisor. Subsequently I was able to get the mortgage I needed and buy the house.
Fast track to the present : The house was on the market last year for £140,000. So if I wanted to buy it today , I would need to have a bigger deposit in the region of £7000 (5%) and income sufficient to support a mortgage of £133 000. If the multiplier was still maxed at what it was in those past times ie 2.5 times earnings (for a single person as I was) , then I would have to be earning £53 000 basic.
I think a sales man in the same industry as I was back then might get a basic in the region of £25 k these days. So there is no way that I would be able to buy that house in the old regime. I would need to borrow over 5 times my income. So I think houses have gone up quite drastically and I think that this is mainly due to the income multipliers being much greater now.
I stretched myself to the limit financially in order to get my first house. I had to have lodgers in to help me meet the monthly outgoings. I was happy to do this as I was single and enjoying life with few other commitments. There is no way I would be able to do the same thing again with prices as they are now.... Read More

Chris wood

11:45 AM, 17th February 2017
About 4 years ago

Best Offers Letting Strategy

You say you approached your agents when you knew your current tenant was leaving and had been there for 10 years - and you told the Agent to market it at the same rent !
Well surely you knew that rents have increased over the years ? And if not, then any agent worth his salt would have advised you that you are likely to be able to get a higher rent than you are
asking for. Then you seem surprised that people are offering more.......
But now you have gone all greedy and want the most you can wring out of someone...........
I would have asked an agent (perhaps another one) what is a reasonable rent to ask for based on similar properties around the area of yours and then marketed at this.... Read More

Chris wood

14:23 PM, 4th February 2017
About 4 years ago

Conveyancing - Are things so much better than they used to be?

I am pleased to say I have found a conveyancing office that actually keeps you updated with the progression, and a named person who will do so on a weekly basis. I checked the reviews for the firm and they were good. I am using them for a property I have just had my offer accepted so we will see whether they keep to their word.
However, the fiasco with the other property I am selling continues - my solicitor not being very forthcoming with my request to see evidence that they had requested the information pack from the Housing Association - when they stated they had done so blah blah. Also, they had sent paperwork to the flat I am selling despite me specifically asking that any paperwork be sent to my home address from then on - this was in person with the legal secretary at their office and she wrote down my address ! So it has just been sitting there in the vacant flat. Needless to say they will not be getting my business again and I will be leaving a scathing review.... Read More